Nokia Investors Remain On Hold

After the Sale of Its Handset Business the Company Looks Overvalued

By

Renee Schultes

April 29, 2014 8:42 a.m. ET

Nokia is trying to dial up a new era. Instead it seems to be placing many of the same old calls.

Almost eight months after it announced the sale of its handset business to Microsoft, Nokia on Tuesday promised investors €3 billion ($4.2 billion) in payouts via dividends and share buybacks. But the strategy in its three remaining divisions—networks, maps and patents—appears mostly unchanged. To justify its current valuation Nokia still...